- Indian buyers unable to match high bids from China
- Elevated offers, monsoon rains limit trading activity
Imported copper scrap prices in India saw an uptrend w-o-w, following a gain in London Metal Exchange (LME) copper futures, which hit a 15-month high. Parallelly, domestic copper scrap prices increased w-o-w.
According to BigMint’s assessment, Birch Cliff scrap was assessed at $9,895/tonne (t), up by $140/t w-o-w, while US motors mix stood at $1,190/t (both CFR Mundra), up by $20/t w-o-w.
LME copper prices climb up
LME futures increased by $250/t to $10,145/t compared with last week’s $9,895/t. Meanwhile, copper stocks at LME-registered warehouses stood at 150,950 t, down by 4,875 t compared to 155,825 t in the previous week.
LME copper prices hit a 15-month peak, as an imminent US Federal Reserve rate cut fuelled optimism across risk assets. Earlier, LME copper futures had climbed up by 1% to $10,173/t, their highest since June 2024, on expectations of a quarter-point cut and possible further easing this year. Lower interest rates typically weaken the dollar, boosting industrial metals such as copper by making them more attractive to global buyers.
Imported market updates
The imported copper scrap market strengthened, tracking LME trends. This upward movement has kept market sentiment bullish.
However, CIF China offers from Europe were significantly higher than Indian levels, as Chinese buyers continued to pay premiums, supported by stronger demand. In contrast, Indian buyers were unable to match the aggressive pricing seen in Western and Chinese markets.
As a result, the imported copper market in India remained in a “wait-and-watch” mode, with buyers exercising caution and booking cargoes only when absolutely necessary.
Prices (CIF China)
- Mill Berry (EU): 98.5% LME
- Birch Cliff (EU): 92.75-94.75% LME
- Candy Berry (EU): 98% LME
Domestic market updates
The domestic copper market also saw steadily rising offers, mirroring the uptrend in the imported segment. Buyers with urgent requirements accepted higher prices, though overall sentiment remained cautious.
Regional disparities were evident, with north and west India showing weaker momentum compared to south India, where demand was relatively stronger. However, price variations between regions disrupted smooth trade flows.
Seasonal factors also weighed on activity, as the ongoing monsoon slowed down certain industrial operations, further tempering market confidence.
Outlook
The copper scrap market is expected to stay firm in the near term, supported by healthy global and domestic demand alongside elevated LME levels. However, price disparities across regions and cautious buying behaviour may keep trade volumes moderate. In India, seasonal factors and selective purchasing are likely to weigh on immediate momentum, but improved industrial activity post-monsoon could lend support. Globally, sustained Chinese buying and tight supplies will remain key drivers, with volatility likely if macroeconomic signals or LME inventories shift significantly.
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